Group Chief Executive Officer of Ecobank, Jeremy Awori, has expressed support for interventions by the Bank of Ghana aimed at maintaining a stable exchange rate for the cedi, cautioning against sharp and unpredictable fluctuations in its value.

Speaking to Joy Business in Lomé, Togo, following the Annual General Meeting of Ecobank Transnational, Mr. Awori acknowledged the significant appreciation of the cedi in recent months but emphasized the need for gradual and predictable movements.

“Businesses thrive on stability and predictability, which are essential for planning and operations—especially for banks and enterprises in Ghana,” Awori said. “If the exchange rate can settle at a consistent and manageable level, that’s a far more positive outcome.”

Since the beginning of 2025, the Ghana cedi has gained over 30% against the US dollar, though the pace of appreciation has slowed in recent weeks. Currently, the currency trades around GH¢10.30 to the dollar. Former President John Mahama recently noted that, in consultations with economic leaders, a stable exchange rate between GH¢10 and GH¢12 per dollar is considered a sustainable target.

CRR Revision Welcomed

Mr. Awori also praised the Bank of Ghana’s recent revision of the Cash Reserve Ratio (CRR), describing it as a prudent policy adjustment that will enhance banking operations in the country.

Effective June 5, 2025, the revised CRR mandates that banks hold reserve requirements in the same currency as deposits—cedi reserves for local currency deposits and foreign currency reserves for FX deposits. The central bank says the move aligns liquidity management with banks' funding structures and promotes discipline in the foreign exchange market.

“We see this as a positive step,” Awori remarked. “The Group is optimistic about Ghana’s economic outlook and welcomes the proactive measures being implemented by policymakers.”

Ecobank’s 2024 Financial Performance

Ecobank Group reported strong financial results for 2024, with revenue crossing the $2 billion mark—the first time since 2015. The bank also recorded a profit before tax of $581 million, reflecting the success of its strategic investments and operational focus.

Mr. Awori said the Group remains committed to long-term growth, with a clear focus on delivering sustainable value to shareholders.

“Our goal is long-term revenue growth that delivers strong returns on equity and creates lasting value. We’ve made progress, but our eyes remain on the bigger picture,” he said.